The chief executive of the California Public Employees’ Retirement System plans to leave and the announcement comes just days after the chief investment officer announced his departure.
“I have reached a decision to retire from public service,” says CEO Fred Buenrostro. He downplayed media reports that said he had problems with the board of directors.
“Media reports that raise a specter of controversy between him and the Board are exaggerated,” CalPERS president Rob Feckner says. “Mr. Buenrostro has been very gracious in waiting to make sure that when he leaves, he is leaving the organization well suited for the future.”
The pension fund did not say when Buenrostro would leave, but wants to ensure that it doesn’t hold him up any longer to pursue the kinds of opportunities in the financial services industry that are likely to await him.
Last week, the CIO of CalPERS, Russell Read, said he would leave by the end of June. He plans to launch his own clean-tech-focused private-equity fund.
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